Question Details

Alvy, Home Buyer in Wantagh, NY

Are there advantages of an FHA loan if we have the money to put 10-15% down on a $350ish mortgage?

Asked by Alvy, Wantagh, NY Tue Jan 20, 2009

My wife and I are buying a home but since my wife has no credit whatsoever everything will be in my name. I have excellent above 720 credit and already have a pre-approval but it isn't enough. How would I benefit or not-benefit from an FHA loan? What are the key differences? Are there more/less upfront costs aside from deposit? Are there any restrictions on the house?

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Answers

3
FHA has more up front mortgage insurance, BUT FHA will work with you on any past issues.

If you are 720+ with 10-15% down, go conventional.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
1 vote Thank Flag Link Tue Jan 20, 2009
Have your mortgage broker place all differences on an excel spread sheet where you compare apples to apples that will provide you answers you should require make a decision
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 20, 2009
Alvy, You should check out the FHA site where you will find every loan progam described in detail, Fha approved lenders you can contact, mortgage calculators and contact info for asking and getting answers from FHA.
http://portal.hud.gov/portal/page?_pageid=73,1&_dad=port…
It's a very user friendly site and has a ton of information..

Best of luck, Dunes
0 votes Thank Flag Link Tue Jan 20, 2009
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